Trade of the Day: EUR/USD
By: Dima Chernovolov
EUR/USD continues to rise toward the key resistance level 1.0599, which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. EUR/USD is expected to continue to rise toward the resistance level 1.0599.
As can be seen from the weekly EUR/USD chart below – the price earlier reversed up from the major long-term support level 1.0355 (which started the sharp weekly uptrend in 2016) standing well outside of the lower weekly Bollinger Band. The proximity of this support level and the oversold weekly Stochastic increase the probability EUR/USD will continue to rise toward the resistance level 1.0599.